HANSOH PHARMA(HK:03692) Haitong Securities International·2025-08-27 00:32Investment Rating - The report maintains an "Outperform" rating for Hansoh Pharma with a target price of HKD 44.32, based on a current price of HKD 37.66 [2][7]. Core Insights - Hansoh Pharma's revenue for 1H25 reached CNY 7.4 billion, representing a year-on-year growth of 14%, with innovative drug sales contributing CNY 6.1 billion, up 22% year-on-year. Collaboration revenue was CNY 1.66 billion, an 18% increase year-on-year [3][12]. - The management has raised the full-year revenue guidance to high double digits, reflecting strong performance and expectations for continued growth [3][12]. Financial Performance - Revenue projections for FY25, FY26, and FY27 have been adjusted to CNY 14.7 billion, CNY 16.0 billion, and CNY 17.7 billion respectively, with net profit estimates of CNY 5.0 billion, CNY 5.1 billion, and CNY 5.7 billion [7][13]. - The gross profit margin (GPM) for 1H25 was reported at 91.1%, remaining stable compared to the previous year [3][12]. Segment Performance - The oncology segment generated CNY 4.5 billion, accounting for 61% of total revenue, driven by the strong sales of Aumolertinib, which received approvals for new indications [4][15]. - The anti-infection segment contributed CNY 740 million, while the central nervous system segment generated CNY 770 million, and the metabolism and other diseases segment accounted for CNY 1.4 billion [15][13]. Key Catalysts - Upcoming catalysts for Hansoh Pharma include the inclusion of Aumolertinib in the National Reimbursement Drug List (NRDL) and the anticipated approval of its combination with chemotherapy for NSCLC [4][15]. - The company has received approximately CNY 850 million in milestone revenue, exceeding previous management guidance, indicating a potential for sustainable revenue growth from future milestones [15][13].